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Police pension plan members reject city's bid for solvency exemption

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The City of Winnipeg plans to obtain a letter of credit for $130 million in police pension contributions after the Winnipeg Police Pension Plan members rejected a move to allow a solvency exemption.

This afternoon, city officials said Winnipeg will be obligated to make $26 million in annual payments to the pension plan over the next five years - an amount equivalent to a 5.65 per cent property tax increase each year. The Winnipeg Police Pension Plan was eligible for solvency, but the plan members did not approve the exemption.

In a statement, city officials said the city will proceed with obtaining a letter of credit from a financial institution, rather than raising property taxes to fund the pension contribution.

 

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Updated on Tuesday, February 19, 2013 at 2:41 PM CST: Corrects first paragraph to say city planning to obtain letter of credit

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